FIBOCOM(300638) Huajin Securities·2024-05-01 07:30Investment Rating - The report maintains a "Buy" rating for the company, indicating that the company's investment return is expected to outperform the CSI 300 Index by 5% to 15% over the next 6 months [29] Core Views - The company achieved significant revenue and profit growth in 2023, with operating revenue reaching 7.716 billion yuan, a year-on-year increase of 36.65%, and net profit attributable to the parent company reaching 564 million yuan, a year-on-year increase of 54.47% [17] - In Q1 2024, the company continued its growth trajectory with operating revenue of 2.123 billion yuan, a year-on-year increase of 17.11%, and net profit attributable to the parent company of 188 million yuan, a year-on-year increase of 33.78% [17] - The company's wireless communication applications accounted for 99.63% of its revenue, with a gross margin of 23.20%, an increase of 3.12 percentage points year-on-year [17] - The company has been expanding its international business, with overseas revenue reaching 4.484 billion yuan in 2023, a year-on-year increase of 32.74% [8] Financial Performance and Forecast - The company's revenue is expected to grow to 9.892 billion yuan in 2024, 12.107 billion yuan in 2025, and 14.275 billion yuan in 2026, with year-on-year growth rates of 28.2%, 22.4%, and 17.9% respectively [19] - Net profit attributable to the parent company is forecasted to reach 760 million yuan in 2024, 923 million yuan in 2025, and 1.147 billion yuan in 2026, with year-on-year growth rates of 34.8%, 21.5%, and 24.3% respectively [19] - The company's gross margin is expected to remain stable, with forecasts of 23.9% in 2024, 23.6% in 2025, and 23.8% in 2026 [19] R&D and Innovation - The company invested 716 million yuan in R&D in 2023, accounting for 9.28% of its operating revenue [17] - The company has a strong R&D team, with 69% of its 1,968 employees being R&D personnel, and has accumulated 228 invention patents, 135 utility model patents, and 132 software copyrights [17] - The company has developed a comprehensive product matrix for smart modules, covering 4G, 5G, RedCap, C-V2X, Wi-Fi, and satellite communication modules [17] Market Expansion and Product Development - The company has successfully expanded its market presence in North America, Europe, and Australia, with its 5G modules receiving certifications from major operators such as Telstra and CE certification for European markets [17][8] - The company has launched several new smart modules, including the SC151-GL, SC228, and SC171, which are widely used in industries such as smart logistics, video surveillance, drones, and smart robots [17] - The company's acquisition of Rolling Wireless has strengthened its position in the automotive wireless communication module market, with Rolling Wireless generating revenue of 2.21 billion yuan in 2023 [18]